Crypto World: Eppur Si Muove!
Interesting events buried under the daily politainment (political entertainment) lava coming out of Washington D.C. volcano:
- The Marshall Islands formally launched its sovereign cryptocurrency 'SOV'. Although a tiny republic, this country is the first one that, without being under any foreign sanctions, is launching a sovereign cryptocurrency as its legal tender in parallel to the U.S. dollars. Besides the Venezuelan 'Petro', the success (or failure) of this experience offers a real-world model and an alternative solution for many countries either having serious difficulty with their own disgraced legal tender or are forced to use US dollar.
- The Argentine Banco Masvestas abandons for good SWIFT for its international money transfer in favor of a new solution based on Bitcoin. This is the first official bank putting an actual nail in the coffin of U.S. dominated SWIFT. Santander might be the next one.
- Russia has developed its own system for financial transfers that would protect it from a potential shutout of the SWIFT global transfer system in the event of harsher U.S. sanctions. Sources close to the Russian central bank said the Financial Communications Transfer System (SPFS) would be converted to a blockchain system by 2019.